Britons have been asked to make five major energy efficiency improvements, which the analysis shows could help cut up to £1,292 a year. In recent years, households across the UK have been grappling with the worst effects of a fossil fuel crisis, as Russia’s invasion of Ukraine has driven up international gas prices at dizzying levels. As a result, average households have now been paying £2,500 a year in energy bills since October, almost double the figure a year ago. As Britons look for ways to cut their energy bills, experts have highlighted energy efficiency as a way to permanently cut costs by reducing the gas and electricity needed to power your home.
A study by sustainability consultancy Eight Versa found that by increasing energy efficiency, households across the UK could save up to £1,292.
The company analyzed national EPC (energy performance certificate) ratings in England and Wales and estimated the potential cost savings that households could achieve by implementing the recommended energy saving measures.
While these potential savings are high, households should consider the costs of these measures, which range from a relatively cheap price to a dramatically high initial price that could take years before the financial benefits fully pay for it.
These energy-saving upgrades include:
- install low-energy lighting;
- boiler replacement;
- insulation;
- upgraded heating controls;
- and replacement windows.
Chris Hocknell, Director of Eight Versa, said: “These results show that there is not only a strong environmental argument for improving efficiency and retrofitting our homes; there is also a very powerful economic argument. In some areas the average savings per year are over £. 1,000.”
He added that as well as helping the UK get closer to its net zero commitments, these energy efficiency improvements would also help reduce stress on energy infrastructure.
He continued: “It is important to state that the typical homeowner will not realize these benefits unless there is a standardized and consistent regulatory structure to incentivize and sustain these long-term improvements. Recent events have thrown this problem in a new and more striking light.”
Eight Versa noted that its analysis was based on the government’s current price cap on a unit of energy, which means the savings households could realize will differ each year depending on the cost of energy.
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According to Eight Versa, here are the potential average annual cost savings that households could realize by improving their energy efficiency:
- – Wales, £1,292
- – Yorkshire and Humber, £1,188
- – North West, £1,143
- – South West, £1,078
- – East Midlands, £1,146
- – West Midlands, £1,013
- – East of England, £1,009
- – North East, £1,035
- – London, £721
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With energy efficiency measures playing a big part in lowering bills, the government has unveiled a new £1billion scheme to transform the energy efficiency of UK homes.
Hundreds of thousands of homes will be fitted with insulation, reducing the average annual energy cost by around £310, in the new ECO+ drive. Those who currently do not receive any other government assistance to upgrade their housing will be able to participate in the taxpayer-funded scheme.
The least energy-efficient houses in the lower housing tax bands, as well as the houses of vulnerable people, including those on means-tested benefits, will be targeted for insulation upgrades.
A further £18million is being spent on a campaign offering advice on how the public can reduce their energy use this winter amid the cost of living crisis.